Santander Sells Sugar Stake
To Saint Louis, Jolting Madrid

MADRID -- Banco Santander 's decision to sell its 14.4% stake in Spain's leading sugar company to a French concern has left the Spanish government with a sour taste.

When the Spanish bank group offered its stake in Ebro Agricolas Cia. de Alimentacion for some 17 billion pesetas ($128.1 million), Generale Sucriere SA -- a unit of food, paper and sugar group Saint Louis -- was first in line, ahead of potential Spanish buyers.